10 STEPS TO PURCHASING REAL ESTATE IN MARYLAND OR VIRGINIA

Buying a home in Maryland or Virginia is a complicated process and we know we can't stop you from worrying. So, let's see if we can keep your anxiety level low and the home buying process as pleasant as possible. Who knows, perhaps we can even help you have a bit of fun. The market for real estate in Maryland and Virginia is complicated so we'll make your home search just as pleasant as we can. The process below represents approximately 20-45 days. When you are a relocating buyer, we'll be your eyes and ears until settlement day and you get the keys to your front door.

THE STEPS TO BUYING A HOME IN MARYLAND OR VIRGINIA ARE:

STEP 1. FIND A GOOD BUYER'S AGENT TO HELP.
Obtain the services of an experienced Buyer's Agent. That would be one of our HOMEFINDERS.COM agents who will guide you through your home buying adventure from search to settlement. If you have questions at this point in your home search, CONTACT US either by e-mail or telephone 800-711-7988. We can help you get started with a home tour or home loan pre-qualifying to zero in on a price range and location. We love to talk real estate and our experience will help to alleviate any concerns you might have.

The best way to get a quick response is by e-mail at Email Homefinders.com. We answer e-mail as soon as we see it and we check our e-mail many times during the day and early a.m. and evenings. We are an e-PRO Brokerage and understand the importance of e-mail communication.We can help.

STEP 2. RELOCATION PACKAGE
Once we have made contact, we'll send a relocation package to you with demographic information about the Maryland and/or Virginia areas that meet your needs; current real estate listings; maps, etc. Or, if you are a local home buyer in Maryland or Virginia, we're available to arrange a tour of homes so you can SEE what is on the market in your price range. If you are arriving in town on short notice, please let us know as soon as possible. Our agents schedule their time and if you wait until you get to town to contact us, we probably will not be able to help.

STEP 3. TAKE A TOUR OF HOMES
We'll show you homes in your price range and choice of locations. You determine the price range. You determine the area. We will show you the very best homes that meet your criteria in terms of bedrooms, baths, style, and any other features that meet your needs. Real estate tours can be fun and you'll learn a lot about the areas.

If you are a relocating home buyer, we'll meet you and take you on a tour of homes pre-selected for your special needs. We'll clear our schedule to make sure you have the time you need to (1) tour the area, (2) see homes until you find your home of choice, (3) learn the commuting alternatives from different communities to the job location(s). We can help.

STEP 4. PRE-QUALIFYING LETTER (Lender's letter)
We want you to get the very best terms and conditions possible. The Maryland and Virginia real estate market place is a very sophisticated one. If you are ready to buy, you'll need to have ready a pre-qualifying letter from a lender stating that they have reviewed a credit report and you're ready and able to buy a home at your desired price range. If your home purchase is in the future, the lender contact will wait until a time when you're ready. But, it never hurts to speak with a lender early on so you can focus on loan types.

If you believe you may have credit issues and would like to know what you are able to do, we can have a credit review done for you. No mystery, just the facts to help you understand what you can do now or in the future. This credit review is FREE to you and completely confidential. Our buyers agents work with lenders who know the local real estate market, closing costs, taxes and everything to help you understand the financial aspects of buying real estate in Maryland or Virginia.

STEP 5. PREPARE A CONTRACT OF SALE (2-4 days)
At this step, the Contract of Sale is considered an offer. You will state in the offer, the terms and conditions that you are offering to the seller to sell you the home. The contract states your preferred price, settlement date, financing terms, home/radon/other inspections, state/county/ local disclosures where required, seller disclosures, legal requirements, and much more. We will go over the contract with you paragraph by paragraph to make sure you understand the process. There may be certain matters in the contract that will be negotiated to meet your and the sellers needs. We'll be on top of them and we'll make sure you have all of the information at your fingertips to help you make wise contract decisions.

STEP 6. WE HAVE A CONTRACT, WHAT'S NEXT? (5 days), INSPECTIONS
We schedule the home/radon/other inspections. These inspections will be a contingency on the contract, so they need to be done as quickly as possible, within a few days at most. Relocating buyers can't always be here for inspections, but we'll be your eyes and ears and attend the inspection. Then we'll overnight the home inspection report to you so you can see the report and contact the home inspector if you have any questions. If the home inspector finds defects, the repair or compensation for the defects will be negotiated within a few days. If the home inspector finds a serious defect in the property, you can void the contract immediately and receive your earnest money deposit back. Time to find another house.

STEP 7: LOAN APPLICATION (one day credit approval) (2-3 week, firm approval)
If you have not already done so in preparation for buying, you'll need to make loan application. We can recommend good lenders to you. We will work with any lender, but we prefer to recommend local lenders who know the area and the needs of title companies here. The lender will also prepare a Good Faith Estimate of closing costs so you'll know how much money you'll need to settle and what the costs represent. If you don't understand any part of this process, let us know and we'll explain every thing in language you will understand. This part of buying real estate can be a bit confusing for buyers, but just ask us and we'll explain everything in terms you can understand.

STEP 8. BEHIND THE SCENES - ELVES AT WORK
Once we have the inspections done and assuming the house is sound, we'll schedule the title work with the settlement office. We'll also arrange for the termite inspection. We'll schedule the settlement at a time convenient for you and the seller. The title office will arrange for a title search to make sure there are no liens or encumbrances on the property which would impact on your right to clear and unencumbered title. If there is a problem, the title company will notice us immediately. The title company will also arrange for a survey of the property to prepare a drawing of the boundaries with the house situated on the lot. This will be valuable in knowing your boundaries and putting up fencing.

INSURANCE
You'll need to order hazard insurance, or homeowners insurance. The lender will require it and you want a policy to protect you from loss by fire, theft, liability claims, or anything that would cause you damages. We can recommend local agents to you or you can use the company that insures your automobile. If at the last minute you forget, you cannot settle without this policy in place. The lender WILL NOT lend you money without this insurance in place. You can insure with any company of your choice. However, if you forget, we'll contact an agent with whom we work and put the insurance on in order to cover you. Since you can't settle without insurance, this is a critical task.

STEP 9. GETTING READY TO SETTLE. ALMOST HOME
The steps above will generally take from 20 to 40 days depending on the needs of you to take occupancy and the seller's need to move. This will have been agreed to in the contract. We always work toward a firm and pre-determined settlement date in this area. By now, your loan is approved and we're just waiting for the day you take possession.

SETTLEMENT FUNDS
A day or so before settlement, you'll need to get a Cashiers Check for your settlement. The title company cannot disburse the proceeds of your loan and record your title without complete payment and it must be in certified funds. Cashiers Checks are the best way to carry funds. Have the check made out to YOU and endorse it to the title company at settlement.

WALK-THROUGH INSPECTION
The morning of or the day before settlement, we will arrange a walk-through inspection of your soon to be home to make sure everything mechanical, plumbing, electrical, etc. is in working condition. This gives you an opportunity to examine any repairs made by the sellers pursuant to the home inspection. Termite treatments, if any, will have been done at the seller's expense. If the sellers have damaged any part of the house moving out, these items will be noted and you'll be compensated. Our contracts require a "broom clean and free of debris" property to be left by the seller. We'll be with you to make sure everything is in the condition when you purchased the home. If you can't be here for the walk-through inspection, we'll do it for you. We'll do everything except pay for your home.

STEP 10. GIVE ME MY KEYS ! ! !
You and the sellers will meet at the title office. We'll be there with you to make sure the settlement documents are correct. Most of the documents will be Fannie Mae standard documents. The document we examine most closely is the Settlement Sheet or HUD-1. This document will reconcile debits and credits to you and the seller.

SLEEP EASY
We provide all of our buyers with a FREE ONE YEAR WARRANTY at settlement. This will protect you if the dish washer, air conditioner, furnace, heat pump, electrical or most other components of the home need repair after you take possession of your newly purchased home.

WELCOME HOME!

Maryland and Virginia Real Estate
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